Market Acts Constructively The US Stock Market as represented by the S&P e-minis had a constructive week last week. After rallying out of an oversold condition in mid-November, the market pushed up underneath the trend channel at A. It hung there for two days and then on Wednesday flushed out longs who had jumped on board as the market rose aggressively. The shakeout … [Read more...]
The Value of a Wyckoff Perspective
There is no doubt in my mind that the Wyckoff perspective offers the modern trader a very strong technical edge. Today - like virtually all trading days - provides excellent examples of Wyckoff principles. Keep in mind that the Wyckoff method is all about reading the market by its own actions. Surely it is not infallible, but the astute Wyckoff student can read much in price … [Read more...]
S&Ps Ready for a Reaction
I am posting this a little late - I had meant to post last night but forgot to publish it! We are just back from the Thanksgiving Holiday where we spent time with our family in New Hampshire hiking and enjoying our beloved mountains. Now, it is back to work! Today (Tuesday, November 27), the market failed to rally higher. Resistance at the 1407 level held throughout the … [Read more...]
US Stock Market Rallies From An Oversold Condition
As we always do on Thursday evenings in Deep Practice, we looked at the S&P e-mini market to see what its likely next move will be. Traders in the Deep Practice group noted that the S&Ps were making a new low after a lower high had been put in. The immediate trend was therefore down. They also noted that the market was very oversold. We can tell this in a number of … [Read more...]
US Stock Market: What’s Next?
On Friday, we saw the US Stock market as represented by the S&P e-minis (ES) hold just above the 1360 level - a level we discussed in my last post (which can be viewed by clicking here). We remain oversold on the daily chart. Volume was sustained Friday as the market rose off its daily low. We are also revisiting the yearly high of 2011 (1373.50). So, there is enough … [Read more...]
